Grafintec Update

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

25 August 2022

Beowulf Mining plc

("Beowulf" or the "Company")

Grafintec Update

Beowulf (AIM: BEM; Spotlight: BEO) announces that its 100 per cent owned Finnish subsidiary Grafintec Oy’s (“Grafintec”) Joint Venture (“JV”) Heads of Terms signed on 6 December 2021 with Epsilon Advanced Materials Private Limited ("EAMPL") has been terminated by EAMPL.

Grafintec remains in a Memorandum of Understanding (“MoU”) with the City of Vaasa and EAMPL for the establishment of an anode materials production facility to be located in the GigaVaasa area, Plot 18.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"While it is disappointing that our collaboration with Epsilon has come to an end, Grafintec maintains its ambition of creating a sustainable value chain in anode materials production, leveraging renewable power, and targeting net zero CO₂ across the supply chain.

“Grafintec continues to benefit from the significant support of Business Finland and broader collaboration with participants in the Finnish Battery Cluster and GigaVaasa team. Grafintec will do all it can to bring anode materials production into the GigaVaasa battery value chain.

“Grafintec has several discussions taking place regarding future developments and I look forward to providing further updates to the market on our progress.”

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Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecast.